Greece’s creditors are eyeing up a deal to save its membership in the Euro, including extending its bailout by six months, offering future debt relief, and supplying up to €18bn (£13bn) in rescue funds.
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The deal hinges, however, on Alexis Tsipras, the Greek Prime Minister, agreeing to concede ground on pensions and VAT reform – two red lines he has repeatedly refused to cross. There were rumours that, after a cabinet meeting, Tsipras returned to the negotiating table with concessions on both, but the extent and nature of his proposal is not known.
The situation in Greece is getting ever more desperate. Reuters reported €1bn of withdrawal orders had been presented to Greek banks this weekend, as fears of a full-blown bank run intensify. That €1bn is worrying enough on its own, but coupled with the €4bn reportedly withdrawn over the last week, the situation is looking more perilous still.
Over the weekend there have been frantic attempts to prepare the ground for a summit tomorrow, which could well be the last chance of saving Greece.